Home Gold Forecast Gold Price Today 31st Oct 2016
Gold Price Today 31st Oct 2016

Gold Price Today 31st Oct 2016

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Gold Price Today

As per previous analysis , we were expecting more upward movement towards 1281-83.Price move lower but remain above the invalidation point and bounce back towards our second target which was 1281-83.Price move exactly according to our expectation and i hope you guy get some bucks during these movement.I am sharing two different update chart analysis for next move prediction below.

For the reference of previous analysis , please visit the link below.

XAU USD Gold Analysis 26th Oct 2016

Daily God Price Technical Analysis

Gold price  is in correction mode after recent fall towards 1242-43.It was expected this corrction may end around 1281-83 or 1296 in extension.Gold made a new high in previous week friday session and closing was around 1276.Current market gold price is 1277.We have to look for confirmation either correction is over or it may move more high to hit the final correction target at 1296-97.I am expecting little bit more upward movement and then we will look for confirmation of reversal.We will look 4 hour chart to get the closest picture and to catch earlist confirmation or reversal.Please have a look in daily time frame chart below.I have mention possible next movement diagram.

 

Gold Price Chart

4 Hour Gold Price Technical Analysis

We love to share 4 hour gold chart because it help us to predict earliest move and to catch entry or exit levels.Gold is is moving in a rising channel in a 4 hour time frame chart, We are expecting more upward movement towards the resistance of rising channel which  become 1287-88  now.And then it may move down towards its support again.Support of rising channel is at 1267-70 area.If gold fail to touch the resistance then it may retest its support first for the next bounce.Movement and closing below the support in 4 hour chart will give earliest confirmation , that correcton is over.Alternate we may change our thoughts from bearish to bullish in longer term trend, if gold close above the bullish invalidation point which is mention in  the 4 hour chart below.

4 Hour Gold price Chart

Gold Price Support & Resistance

Hourly Support : 1269-71

-Hourly Resistance : 1287-88

Daily Support : 1257-58

Daily Resistance 1287-88

Note: Never risk more then 2% of your account capital in single trade.Always trade with proper risk management plan.

Feel free to comment below if you have any concern regarding charts and analysis.Your feedback is always welcome and help us to improve.

Wish you good luck and happy trading

Mati Ur Rehman

Gold Analyst @ Dailygoldanalysis.com

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Mati Ur Rehman Mati Ur Rehman is a forex analyst having 8 years experience in forex market.He is well known in Gold Analyst and having proof track record.There are many followers of his analysis around the globe.

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